Futures spiked 10 points on the crappy jobs data, then promptly gave most of it back. Key chart factors: yesterday’s late day plunge further distanced stocks from the rising white channel. The backtest we surmised would lead to a decline seems to be underway, but not without a fight from the algos — characterized by … continue reading →
Monthly Archives: September 2014
The USDJPY continues to tread water around the daily .886 retrace of the drop from Jan 2. The futures went nowhere on BOJ’s non-action on rates or QE, but raced ahead 10 points on hopes that the ECB would pump up the volume. As usual, Draghi’s speech was long on promises but lacking on real … continue reading →
Keep an eye on USDJPY, which is due to react to under the major .886 (104.89) discussed yesterday. Quick overview on SPX, which is likely to follow: … continue reading →
Interesting chart from BofA, republished in Zerohedge this morning: USDJPY has shot up on continuing dismal economic news out of Japan, reaching the .886 retracement overnight of the drop from 105.43. This coincides with a smaller scale potential reversal for SPX. … continue reading →